LONDON – Commercial aircraft leasing company Griffin Global Asset Management has announced an agreement for the purchase and leaseback of five Boeing 737-8 MAX aircraft with newly established Indian airline Akasa Air.
The scheduled commencement of aircraft deliveries is set for June 2022. The arrangement brokered with the fledgling airline will see the delivery of what will be the first of the Akasa Air (QP) fleet.
Announcing the new deal from Dublin Ireland, Griffin’s Chief Executive Officer Ryan McKenna said:
“We were introduced to Akasa Air’s management team over a year ago and have watched with excitement as they skillfully built the airline from the ground up.”
“We are honored to enter into this long-term relationship right from Akasa’s launch. They have developed a business strategy that addresses a need in the market and assembled a very impressive team to execute that plan.”
The alliance has been welcomed with a mutual enthusiasm by the new airline. Founder, Managing Director and CEO of Akasa Air, Vinay Dube said of the alliance:
“We are pleased to have Griffin as our partners in growth as we embark on our aviation journey.”
“The high degree of confidence and endorsement from the Griffin team is a testimony to Akasa Air’s robust and sustainable future.”
About Griffin Global Asset Management
Griffin is a worldwide aviation asset management and commercial aircraft leasing operation, with offices in Dublin, Ireland, Puerto Rico, and Los Angeles, CA.
The company works closely with airline partners, OEMs and financiers to customised fleet solutions globally.
About Akasa Air
From the announcement of its QP airline code in May, Akasa Air shows a commitment to social responsibility, with the placement of a firm order for 72 Boeing 737 MAX aircraft, powered by CFM fuel efficient, LEAP-1B engines.
The 737 MAX family provides a superior efficiency with better fuel economy and reduced carbon emissions.
Positioning itself as a low-cost airline, the carrier promises an environmentally friendly footprint, by operating the youngest and greenest aircraft fleet in India.
The India aviation market
A 2022 report finds that the civil aviation industry has developed into one of the fastest growing industries in India over the past three years.
There is robust demand for air services in India, with the nation set to become the third largest aviation market in the world by 2024, in terms of passenger numbers,
To meet a growing post-pandemic demand for air travel in India, Akasa Air plans to commence flight operations in the summer of 2022.
The Mumbai-based low-cost carrier will become one of two new airline start-ups navigating Indian skies this year.